July 12, 2024

IPO News

E-commerce Giant Ozon Holdings Faces Nasdaq Delisting

The escalating geopolitical turmoil, particularly the invasion of Ukraine, has led to the top Russian e-commerce portal Ozon Holdings Plc being delisted from the Nasdaq exchange. Nasdaq Stock Market LLC issued the delisting notice on March 15, 2023, for reasons including failure to meet listing requirements. Yet Ozon Holdings denies this, saying it has followed all legal reporting requirements.

The delisting has not disrupted the company’s day-to-day operations, so executives are confident. In a release, the company promised its investors and customers that it would keep expanding into new markets and developing existing ones. Ozon Holdings has stated that it intends to keep it listed on the Moscow Exchange and is now investigating alternative listing venues. In late 2020, amid the height of the Covid-19 pandemic, the company raised roughly $1 billion in an IPO.

Many corporations are expected to be removed from the Nasdaq exchange as a result of the ongoing conflict between Russia and Ukraine, which has had a substantial effect on the world’s economy. Notifications of delisting from Nasdaq have been sent to internet behemoth Yandex, staffing firm Headhunter, and merchant services provider Qiwi.

European businesses that had previously relied on Russian gas supplies are now in a lurch since President Putin of Russia cut off their access to Russian gas and oil. Former Russian fuel & energy minister Yury Shafranik (who served from 1993 to 1996) says that losing the European market is a significant challenge for the country’s gas industry.

The ongoing geopolitical situation has impacted the global economy, which has made doing business in Russia difficult. Companies like Ozon Holdings, however, are dedicated to serving their clientele and shareholders and are actively investigating new strategies for keeping their tech stock on the market and expanding their operations.

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